Due to the advent of the FinTech revolution, there are many Asian countries who are experiencing steady growth. This FinTech revolution has been proved to be an effective and innovative solution to pave the way for the Asian markets for improving their services. It has also changed the way by which the financial transactions used to be undertaken.

Last November, for the demonetization by the Prime Minister Narendra Modi two biggest banknotes i.e. Rs 500 an Rs 1,000 of Indian currency has been banned. The moment this news went on air, it has impacted the nation in a great extent. People were not able to transact or make payment by cash as those notes were held worthless.

Because of this, the popularity of Bitcoin has increased largely and many started adopting it. The finance minister of India, Arun Jaitley called banks to promote digital banking. If the banks do not do so, then the banks can become obsolete in this era of FinTech.

How FinTech Influenced Asian Economics?

India is one of the fastest growing economies but it is not the only one that is going through a change. China and Japan too witnessed a lot of changes. According to a report in 2016, the total amount of venture capital funding was increased by 10 percent result into $23.2 billion. This was mainly supported by the investments in Japan and China. The FinTech investment in China has been reported to get more than tripled to $10 billion just from 55 deals.

The biggest investment in China last year originally came from Alipays Ant Financial. The deal was about $4.5 billion in the last year. The reports are already going around that China is all set to surpass the high of last year as the influence of FinTech continues.

A blockchain test drive was launched at the end of 2016 by the Bank of Japan. This can work for the developing more insight of the technologies. Also, three biggest banks of Japan invested in the biggest Bitcoin Exchange of Japan named bitFlyer in the month of February.

Singapore, Thailand, Malaysia, Vietname and South Korea are also preparing themselves for the FinTech race to get the top spot.

Rise of FinTech

The way Asian FinTech market is growing, the rate of growth is quite steady. Also, there is no sign of it being slowing down anytime soon. There is also an agreement signed between the Abu Dhabi Global Market or ADGM and Monetary Authority of Singapore or MAS and also another agreement between Japan Financial Services Agency or FSA and MAS. This agreement validates that each country wants to cultivate the FinTech with other countries.

2016 has already been proved to be a significant year for the growth of FinTech in Asia. In 2017 it is all set to continue its upward trend paving the Asian economies a way to grow.